Silver Price Chart and Gold/Silver Ratio
Silver futures (COMEX, ticker SI=F) in US dollars per troy ounce, daily from 2000. Silver is part monetary metal and part industrial input, so it swings harder than gold in both directions. Refreshed twice a day, with the current gold/silver ratio in the latest reading below.
Latest reading: Silver futures (SI=F) settled at US$61.37 per troy ounce on 1 October 2026, up 29.8 percent over 12 months, putting the gold/silver ratio at 68.6.
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COMEX silver futures in US dollars per troy ounce from 2000, log scale. Hover for daily values.
The gold/silver ratio
The gold/silver ratio divides the gold price by the silver price. It is the quickest way to see whether silver is cheap or expensive relative to gold, and many metals traders watch it more closely than either price on its own.
| Reading | Ratio | Date | What was happening |
|---|---|---|---|
| Low | 32.0 | 25 April 2011 | Silver near its 2011 peak, speculative buying |
| Average since 2000 | 69.2 | 2000 to 2026 | Long-run midpoint |
| High | 125.9 | 18 March 2020 | COVID crash; silver sold as an industrial metal |
The current ratio is in the latest reading line near the top of the page. The ratio tends to rise in recessions and liquidity scares, when silver's industrial side dominates, and to fall late in commodity booms, when speculative money chases silver's higher beta.
What drives the silver price
- Real interest rates and the US dollar. Like gold, silver pays no yield, so falling real rates and a weaker dollar are tailwinds.
- Industrial demand. Solar panels, electronics and electrical uses account for roughly half of annual demand, which ties silver to the manufacturing cycle.
- Investment flows. Silver ETFs, bullion coins and futures positioning can move a small market quickly in both directions.
- Supply. Most silver is mined as a by-product of copper, lead and zinc, so supply responds slowly to price.
Silver vs Bitcoin
Silver and Bitcoin both attract money on the same argument: a hedge against currency debasement. They do not move in lockstep day to day, but both tend to rally when real rates fall and liquidity expands. Silver has a 5,000-year monetary history and real industrial demand; Bitcoin has a fixed supply schedule and far higher volatility. For the gold comparison, see the gold chart and gold ounces per Bitcoin.
Methodology
- Source. Yahoo Finance ticker SI=F (COMEX silver front-month futures), daily settlement.
- Dating. Bars are dated in New York exchange time; weekend quotes are excluded.
- Log scale. Silver rose more than 20-fold from its 2001 low, so the chart uses a log axis to keep percentage moves comparable across decades.
- Gold/silver ratio. Computed from same-day GC=F and SI=F settlements.
- Update schedule. Automated refresh twice a day with a plausibility check on every run; the last good data is kept if the source fails.
Related tools
- Silver trading in Australia - how to trade silver, costs and tax.
- Gold price chart - the other half of the ratio.
- US dollar index - a stronger dollar usually weighs on metals.
- 10-year Treasury yield - the rate side of the non-yielding asset trade.
- US economic calendar - CPI and FOMC dates that move metals.
Frequently asked questions
Silver futures (SI=F) settled at US$61.37 per troy ounce on 1 October 2026, up 29.8 percent over 12 months, putting the gold/silver ratio at 68.6.
The latest reading line near the top of this page shows the most recent daily settlement for COMEX silver futures (SI=F) in US dollars per troy ounce, with its date. The data refreshes twice a day, at 07:30 and 13:30 Sydney time.
In this daily dataset (from 2000), silver's highest close was US$115.08 per ounce on 26 January 2026. The previous major peak was US$48.58 on 29 April 2011. It then fell back to US$55.90 by 16 July 2026, a reminder of how volatile silver is compared with gold.
The ratio is the gold price divided by the silver price: how many ounces of silver buy one ounce of gold. Since 2000 it has averaged about 69 on these daily closes. It hit a low near 32 in April 2011 when silver was surging, and a high near 126 on 18 March 2020 in the COVID crash. A high ratio means silver is cheap relative to gold; a low ratio means silver is expensive.
Silver's market is much smaller than gold's, and around half of demand is industrial (solar panels, electronics, electrical contacts), so it responds to both monetary fear and the economic cycle. Gold is held mostly as a store of value by central banks and investors. That mix makes silver behave like a leveraged version of gold on the way up and a cyclical metal on the way down.
Yahoo Finance ticker SI=F, the front-month COMEX silver futures contract, via the public chart endpoint. Futures track spot silver closely except around contract rolls. An automated refresh runs twice a day and keeps the last good data if Yahoo is unreachable.
Options include physical bullion from Perth Mint or dealers, ASX-listed silver products such as ETPMAG, and silver CFDs (XAG/USD) through ASIC-regulated brokers. CFDs are leveraged and most retail CFD accounts lose money. Physical and ETF holdings are capital assets for tax; CFD gains are generally ordinary income.
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